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LAB802 in CNN Money

April 11, 2008

In February I was asked to judge a business plan competition for the SMU Cox School of Business.  The winner was a group called LAB802, I wrote about them here.  Alex Bagden, one of guys from LAB802 let me know that out of 230 teams invited to the Rice Business Plan Competition only 36 were invited to compete in the final round.  Alex and his team got to pitch to 70 VC and angel investors.  Way to go guys!  Check out the article about them in CNN Money:

Team name: Lab802

School: Southern Methodist University, Cox School of Business

Team members: Matthew Vroom, Alex Bagden, Chris Irvine, Lauren McGehee, Simon Mak, Alex Wimbush

Concept: A digital imaging device that records visual events 30 seconds before and after a car accident. The goal is to shield drivers from liability by creating a visual record of the accident.

An onboard accelerometer enables the device to detect and record an accident. Drivers can then download the images to their computers via USB.

The box is designed to be easy for drivers to install and use. With no moving parts, it’s also durable and can withstand accidents. The target market includes car buyers and anyone who has suffered financial liability because of a car accident. The company has filed for three provisional patents and hopes to sell 10,000 units in its first year.

Timeline: Product design is nearly complete, according to the management team. Manufacturing is scheduled to begin in August 2008.

Written by Alexander Muse · Filed Under Blog, Startups 

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